Using online mortgage lenders is getting more popular every year. With the success of any lending, you can rest assured that scams will also increase. But it’s incredibly difficult to detect a scam when all you have to judge on is a website. However, there are a few things you should look for that give a good indication you’re working with a reputable company.
The company’s website is the equivalent of the front of the store. First impressions adn evaluations are vital. All of the important information should be up front and easy to find. The pages should load quickly and be error message free. Pop-ups are also a sign of an unreliable company. One or two pop-ups relevant to your search could be a good thing, but offers for a free iPod should be a red flag.
Since we are talking about money lending, then you will obviously have to share your personal information with them. By federal law, any lender either online or in person must provide their potential customers with a privacy policy. It they don’t, this is a big problem. Similarly there should be an “about us” page. Any reputable lender should have no problem giving a little of their company’s history in the business. A reputable company takes pride in its business and its vision. If you don’t see this information, what exactly are they trying to hide?
Also find out the company’s reputation and popularity. Popularity can be determined with a simple site like alexa.com. It will tell you how many visitors any website has and rank them among about 86,000 other sites. Reputation can be found out a lot of ways. Ask around to friends or family. Or check with the Better Business Bureau. All of these can give you valuable information.
These can give you an indication of a reputable lender, but the most important factor is your own intuition. If something doesn’t seem right then it probably isn’t. There’s always another lender, there’s no reason to risk it if you don’t feel comfortable.
